ING expects to cut around 1,250 jobs worldwide this year from its workforce of more than 60,000. The bank announced this in a presentation on digitalisation and the use of artificial intelligence (AI). ING says it can operate with fewer staff, especially in customer research departments and related roles.
The plans were already signalled last year. In a forecast submitted to the Dutch unemployment benefits agency (UWV), ING said it could eliminate up to 950 jobs in the Netherlands. One reason given was that some roles can be taken over by AI systems.
ING aims to use technology to manage larger volumes of work without staffing levels or costs rising at the same pace. In a presentation for a conference organised by Morgan Stanley, the bank pointed to automated customer conversations that do not involve employees. ING is also developing an AI agent for mortgage lending. The bank expects further digitalisation and AI use to deliver around 350 million euros in cost savings.
The customer due diligence department, which is responsible for preventing money laundering, currently employs about 6,000 people. Staffing levels in anti-money laundering teams rose sharply in recent years after banks received large fines for weak oversight.
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